Reliance Standard Licenses FAST as Annuity Platform
Staff Writer | May 20, 2015
FAST announces Reliance Standard Life Insurance Company has licensed FAST Insurance Components to serve as the core system for new business, policy administration, and distribution management for its annuity business. The solution is being implemented as part of a strategic modernization initiative including improvements in technology, process, and service delivery.
“Our goal with this initiative is to implement a modern platform that will enable growth and innovation in Reliance Standard’s business for years to come, so we were laser focused on finding the right partner,” says Dan Falkenstein, senior vice president and CIO of Reliance Standard. “Naturally, functionality and architecture were key factors in making the selection, but we also put a lot of emphasis on the people we would be working with. In this regard FAST emerged as an ideal partner during our assessment process.”
“At FAST, we look to work with innovative insurance companies who share our vision for the role of technology as well as its ability to strategically create business value now and in the future,” says Tom Famularo, CEO of FAST. “I’m pleased Reliance Standard selected us and we’re looking forward to delivering a fantastic solution with them.”
“Historically, carriers have been reluctant to move to a more modern technology platform because of the inherent cost and risk. However, modern technology, agile implementation processes and increased business demands are changing the balance in favor of carriers taking on these challenges. It’s exciting to see carriers truly transforming their business and underlying technology,” says Tom Scales, research director in the insurance practice at Celent.
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